Net Income 28% Higher and EPS Up 35% From First Quarter of 2011
URS Announces Quarterly Dividend
SAN FRANCISCO--(BUSINESS WIRE)--May. 8, 2012--
URS Corporation (NYSE: URS) today reported its financial results for the
first quarter of fiscal 2012, which ended on March 30, 2012. Revenues
for the quarter were $2.36 billion, compared with $2.32 billion recorded
during the first quarter of 2011. Operating income for the quarter was
$163.9 million, compared with $132.1 million reported in the
corresponding period of the prior year. Net income was $79.7 million, a
28% increase from net income of $62.1 million reported in the first
quarter of 2011. Diluted earnings per share (“EPS”) were $1.07, an
increase of 35% from EPS of $0.79 reported in the first quarter of last
year.
The results for the first quarter of fiscal 2012 included an after-tax
charge of $3.4 million, or $.05 per share, related to the pending
acquisition of Flint Energy Services Ltd. (“Flint”). Excluding this
charge, URS’ net income for the first quarter of fiscal 2012 would have
been $83.1 million, a 34% increase from the same quarter last year, and
diluted EPS would have been $1.12, 42% higher than the first quarter of
2011.
A table reconciling net income and EPS for the Company for the first
quarter of fiscal 2012, excluding the charge noted above, to generally
accepted accounting principles (“GAAP”) results is included in the
Reconciliation Schedule of GAAP to Non-GAAP Measures attached to this
release and available on the investor relations section of the Company’s
website at: www.urs.com.
Commenting on the Company’s financial results, Martin M. Koffel,
Chairman and Chief Executive Officer, stated: “URS performed well in the
first quarter. Revenues from our federal sector business were
particularly strong, reflecting our strong market positions and our
continued successful execution of large, long-term assignments. We are
well positioned in each of our core markets and we are confident in our
ability to meet our outlook for the year. In addition, we are looking
forward to successfully completing our previously announced acquisition
of Flint Energy Services, which will significantly expand our presence
in the growing oil and gas sector, particularly in the North American
unconventional oil and gas segments. Subject to final closing
conditions, we expect to close the acquisition shortly.”
The Company’s backlog was $14.1 billion at the end of the first quarter
of 2012, compared to $14.3 billion as of December 30, 2011, the last day
of the Company’s 2011 fiscal year. The Company ended the quarter with a
book of business of $27.0 billion, essentially flat compared to the end
of fiscal 2011.
Business Segment Results
In addition to providing consolidated financial results, URS reports
separate financial information for its three reporting segments:
Infrastructure & Environment, Federal Services, and Energy &
Construction. The Infrastructure & Environment segment includes program
management, planning, design and engineering, construction management,
and operations and maintenance services in the federal, infrastructure,
oil and gas, and industrial and commercial markets. The Federal Services
segment primarily includes program management, planning, systems
engineering and technical assistance, construction and construction
management, operations and maintenance, IT services, and decommissioning
and closure services to the U.S. Departments of Defense, State, Homeland
Security and Treasury, NASA and other federal agencies. The Energy &
Construction segment includes program management, planning, design,
engineering, construction and construction management, operations and
maintenance, and decommissioning and closure services to clients in the
power, infrastructure, oil and gas, industrial and commercial, and
federal markets.
Infrastructure & Environment. For the first quarter of 2012,
the Infrastructure & Environment segment reported revenues of $964.2
million and operating income of $45.9 million, compared to revenues of
$909.9 million and operating income of $55.7 million for the
corresponding period in 2011.
Federal Services. For the first quarter of 2012, the Federal
Services segment reported revenues of $717.1 million and operating
income of $93.0 million, compared to revenues of $581.1 million and
operating income of $35.8 million for the corresponding period in 2011.
The Federal Services segment results for the first quarter of 2012
included $59.7 million in revenues generated by Apptis Holdings, Inc.,
which URS acquired in June 2011.
Energy & Construction. For the first quarter of 2012, the
Energy & Construction segment reported revenues of $725.7 million and
operating income of $48.1 million, compared to revenues of $866.4
million and operating income of $63.0 million for the corresponding
period in 2011.
Quarterly Dividend
On May 4, 2012, the Company declared a quarterly cash dividend of $0.20
per common share for the second quarter of 2012. The dividend will be
paid on July 6, 2012 to stockholders of record as of June 15, 2012.
Outlook for the Remainder of Fiscal 2012
URS reaffirmed its expectation that fiscal 2012 revenues will be between
$9.9 billion and $10.1 billion, net income will be between $292 and $300
million and EPS will be between $3.95 and $4.05. The Company’s fully
diluted weighted-average shares outstanding for 2012 are expected to be
approximately 74 million shares. These results exclude any effect from
its proposed acquisition of Flint Energy Services Ltd.
Webcast Information
URS will host a dial-in conference call on Tuesday, May 8, 2012 at 5:00
p.m. (ET) to discuss its first quarter fiscal 2012 results. A live
webcast of this call will be available on the investor relations portion
of URS’ website at http://investors.urs.com.
URS Corporation (NYSE: URS) is a leading provider of engineering,
construction and technical services for public agencies and private
sector companies around the world. The Company offers a full range of
program management; planning, design and engineering; systems
engineering and technical assistance; construction and construction
management; operations and maintenance; and decommissioning and closure
services. URS provides services for power, infrastructure, industrial,
oil and gas, and federal projects and programs. Headquartered in San
Francisco, URS Corporation has more than 46,000 employees in a network
of offices in nearly 50 countries (www.urs.com).
TABLES TO FOLLOW
Statements contained in this earnings release that are not historical
facts may constitute forward-looking statements, including statements
relating to future revenues, net income and earnings per share, future
outstanding shares, future backlog and book of business, future
acquisition of Flint Energy Services Ltd., future dividend payments and
other future business, economic and industry trends and conditions. We
believe that our expectations are reasonable and are based on reasonable
assumptions; however, we caution against relying on any of our
forward-looking statements as such forward-looking statements by their
nature involve risks and uncertainties. A variety of factors,
including but not limited to the following, could cause our business and
financial results, as well as the timing of events, to differ materially
from those expressed or implied in our forward-looking statements: declines
in the economy or client spending; changes in our book of business; our
compliance with government contract procurement regulations; impairment
of our goodwill; integration of acquisitions; employee, agent or partner
misconduct; our ability to procure government contracts; liabilities for
pending and future litigation; environmental liabilities; availability
of bonding and insurance; our reliance on government appropriations;
unilateral termination provisions in government contracts; our ability
to make accurate estimates and assumptions; our accounting policies;
workforce utilization; our and our partners’ ability to bid on, win,
perform and renew contracts and projects; liquidated damages; our
dependence on partners, subcontractors and suppliers; customer payment
defaults; our ability to recover on claims; impact of target and
fixed-priced contracts on earnings; the inherent dangers at our project
sites; the impact of changes in laws and regulations; nuclear
indemnifications and insurance; misstatements in expert reports; a
decline in defense spending; industry competition; our ability to
attract and retain key individuals; retirement plan obligations; our
leveraged position and the ability to service our debt; restrictive
covenants in our credit agreement; risks associated with international
operations; business activities in high security risk countries;
information technology risks; natural and man-made disaster risks; our
relationships with labor unions; our ability to protect our intellectual
property rights; anti-takeover risks and other factors discussed more
fully in our Form 10-Q for the period ended March 30, 2012, as well as
in other reports subsequently filed from time to time with the United
States Securities and Exchange Commission. The forward-looking
statements represent our current intentions as of the date on which they
were made and we assume no obligation to revise or update any
forward-looking statements.
|
URS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 30, 2012
|
|
December 30, 2011
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,309.5
|
|
|
$
|
436.0
|
|
|
|
Accounts receivable, including retentions of $66.1 and $67.5,
respectively
|
|
|
1,091.2
|
|
|
|
1,114.7
|
|
|
|
Costs and accrued earnings in excess of billings on contracts
|
|
|
1,415.6
|
|
|
|
1,317.1
|
|
|
|
Less receivable allowances
|
|
|
(38.7
|
)
|
|
|
(43.1
|
)
|
|
|
|
|
Net accounts receivable
|
|
|
2,468.1
|
|
|
|
2,388.7
|
|
|
|
Deferred tax assets
|
|
|
65.5
|
|
|
|
63.0
|
|
|
|
Other current assets
|
|
|
166.8
|
|
|
|
201.2
|
|
|
|
|
|
|
|
Total current assets
|
|
|
4,009.9
|
|
|
|
3,088.9
|
|
|
Investments in and advances to unconsolidated joint ventures
|
|
|
129.1
|
|
|
|
107.7
|
|
|
Property and equipment at cost, net
|
|
|
270.9
|
|
|
|
269.4
|
|
|
Intangible assets, net
|
|
|
508.9
|
|
|
|
522.0
|
|
|
Goodwill
|
|
|
2,784.2
|
|
|
|
2,773.0
|
|
|
Other assets
|
|
|
104.4
|
|
|
|
101.6
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
7,807.4
|
|
|
$
|
6,862.6
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
62.4
|
|
|
$
|
61.5
|
|
|
|
Accounts payable and subcontractors payable, including retentions
of $39.0 and $39.6, respectively
|
|
|
641.1
|
|
|
|
659.1
|
|
|
|
Accrued salaries and employee benefits
|
|
|
542.9
|
|
|
|
527.0
|
|
|
|
Billings in excess of costs and accrued earnings on contracts
|
|
|
250.6
|
|
|
|
310.8
|
|
|
|
Other current liabilities
|
|
|
158.3
|
|
|
|
176.5
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
1,655.3
|
|
|
|
1,734.9
|
|
|
Long-term debt
|
|
|
1,703.2
|
|
|
|
737.0
|
|
|
Deferred tax liabilities
|
|
|
281.8
|
|
|
|
276.5
|
|
|
Self-insurance reserves
|
|
|
135.6
|
|
|
|
132.7
|
|
|
Pension and post-retirement benefit obligations
|
|
|
274.5
|
|
|
|
276.0
|
|
|
Other long-term liabilities
|
|
|
202.5
|
|
|
|
221.1
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
4,252.9
|
|
|
|
3,378.2
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
URS stockholders’ equity:
|
|
|
|
|
|
|
|
|
Preferred stock, authorized 3.0 shares; no shares outstanding
|
|
|
—
|
|
|
|
—
|
|
|
|
Common stock, par value $.01; authorized 200.0 shares; 88.0 and
87.8 shares issued, respectively; and 75.9 and 76.7 shares
outstanding, respectively
|
|
|
0.9
|
|
|
|
0.9
|
|
|
|
Treasury stock, 12.1 and 11.1 shares at cost, respectively
|
|
|
(494.9
|
)
|
|
|
(454.9
|
)
|
|
|
Additional paid-in capital
|
|
|
2,979.4
|
|
|
|
2,966.8
|
|
|
|
Accumulated other comprehensive loss
|
|
|
(89.3
|
)
|
|
|
(110.8
|
)
|
|
|
Retained earnings
|
|
|
1,039.7
|
|
|
|
975.2
|
|
|
|
|
|
|
|
Total URS stockholders’ equity
|
|
|
3,435.8
|
|
|
|
3,377.2
|
|
|
Noncontrolling interests
|
|
|
118.7
|
|
|
|
107.2
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
3,554.5
|
|
|
|
3,484.4
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
7,807.4
|
|
|
$
|
6,862.6
|
|
|
URS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(In millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
March 30,
|
|
April 1,
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
2,361.5
|
|
|
$
|
2,319.8
|
|
|
Cost of revenues
|
|
|
(2,203.2
|
)
|
|
|
(2,202.7
|
)
|
|
General and administrative expenses
|
|
|
(17.5
|
)
|
|
|
(22.4
|
)
|
|
Acquisition-related expenses
|
|
|
(5.6
|
)
|
|
|
—
|
|
|
Equity in income of unconsolidated joint ventures
|
|
|
28.7
|
|
|
|
37.4
|
|
|
|
|
|
|
Operating income
|
|
|
163.9
|
|
|
|
132.1
|
|
|
Interest expense
|
|
|
(9.8
|
)
|
|
|
(5.2
|
)
|
|
|
|
|
|
Income before income taxes
|
|
|
154.1
|
|
|
|
126.9
|
|
|
Income tax expense (as revised) (1)
|
|
|
(48.6
|
)
|
|
|
(39.0
|
)
|
|
|
|
|
|
Net income including noncontrolling interests (as revised) (1)
|
|
|
105.5
|
|
|
|
87.9
|
|
|
Noncontrolling interests in income of consolidated
subsidiaries (as revised) (1)
|
|
|
(25.8
|
)
|
|
|
(25.8
|
)
|
|
|
|
|
|
|
|
Net income attributable to URS
|
|
$
|
79.7
|
|
|
$
|
62.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.08
|
|
|
$
|
0.79
|
|
|
|
|
Diluted
|
|
$
|
1.07
|
|
|
$
|
0.79
|
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
74.0
|
|
|
|
78.4
|
|
|
|
|
Diluted
|
|
|
74.3
|
|
|
|
78.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share
|
|
$
|
0.20
|
|
|
$
|
—
|
|
(1) We have corrected the calculation and previously reported
presentation of income tax expense, net income including noncontrolling
interests and noncontrolling interests in income of consolidated
subsidiaries by revising prior year amounts, as discussed on page 11 of
this press release.
|
URS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
March 30,
|
|
|
April 1,
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net income including noncontrolling interests
(as revised) (1)
|
$
|
105.5
|
|
|
$
|
87.9
|
|
|
|
Adjustments to reconcile net income to net
cash from operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
20.0
|
|
|
|
20.2
|
|
|
|
|
|
Amortization of intangible assets
|
|
17.2
|
|
|
|
13.0
|
|
|
|
|
|
Amortization of debt issuance costs and discount
|
|
0.8
|
|
|
|
1.6
|
|
|
|
|
|
Normal profit
|
|
1.4
|
|
|
|
1.0
|
|
|
|
|
|
Provision for doubtful accounts
|
|
1.4
|
|
|
|
1.3
|
|
|
|
|
|
Deferred income taxes
|
|
2.1
|
|
|
|
25.6
|
|
|
|
|
|
Stock-based compensation
|
|
11.3
|
|
|
|
12.0
|
|
|
|
|
|
Excess tax benefits from stock-based compensation
|
|
(0.4
|
)
|
|
|
(0.7
|
)
|
|
|
|
|
Equity in income of unconsolidated joint ventures
|
|
(28.7
|
)
|
|
|
(37.4
|
)
|
|
|
|
|
Dividends received from unconsolidated joint
ventures
|
|
18.6
|
|
|
|
11.9
|
|
|
|
Changes in operating assets, liabilities and other:
|
|
|
|
|
|
|
|
|
|
Accounts receivable and costs and accrued
earnings in excess of billings on contracts
|
|
(78.5
|
)
|
|
|
(1.1
|
)
|
|
|
|
|
Other current assets
|
|
(5.9
|
)
|
|
|
(4.0
|
)
|
|
|
|
|
Advances to unconsolidated joint ventures
|
|
(5.7
|
)
|
|
|
(9.3
|
)
|
|
|
|
|
Accounts payable, accrued salaries and employee
benefits, and other current liabilities (as revised) (1)
|
|
(20.1
|
)
|
|
|
(3.3
|
)
|
|
|
|
|
Billings in excess of costs and accrued earnings on
contracts
|
|
(65.5
|
)
|
|
|
3.3
|
|
|
|
|
|
Other long-term liabilities
|
|
(4.1
|
)
|
|
|
(12.3
|
)
|
|
|
|
|
Other assets
|
|
14.2
|
|
|
|
1.2
|
|
|
|
|
|
|
|
Total adjustments and changes
|
|
(121.9
|
)
|
|
|
23.0
|
|
|
|
|
|
|
|
|
|
Net cash from operating activities
|
|
(16.4
|
)
|
|
|
110.9
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Payments for exercised shares in connection
with a business acquisition
|
|
—
|
|
|
|
(2.9
|
)
|
|
|
|
|
Proceeds from disposal of property and equipment
|
|
9.5
|
|
|
|
1.5
|
|
|
|
|
|
Investments in unconsolidated joint
ventures
|
|
(4.0
|
)
|
|
|
(7.2
|
)
|
|
|
|
|
Changes in restricted cash
|
|
1.7
|
|
|
|
(0.3
|
)
|
|
|
|
|
Capital expenditures, less equipment purchased
through capital leases and equipment notes
|
|
(17.8
|
)
|
|
|
(11.0
|
)
|
|
|
|
|
|
|
|
|
Net cash from investing activities
|
|
(10.6
|
)
|
|
|
(19.9
|
)
|
|
URS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED
(continued)
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
March 30,
|
|
April 1,
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
Borrowings from long-term debt
|
|
|
998.9
|
|
|
|
—
|
|
|
|
|
|
Payments on long-term debt
|
|
|
(1.6
|
)
|
|
|
—
|
|
|
|
|
|
Borrowings from revolving line of credit
|
|
|
50.0
|
|
|
|
—
|
|
|
|
|
|
Payments on revolving line of credit
|
|
|
(73.6
|
)
|
|
|
(2.1
|
)
|
|
|
|
|
Net payments under foreign lines of credit and
short-term notes
|
|
|
(8.9
|
)
|
|
|
(7.5
|
)
|
|
|
|
|
Net change in overdrafts
|
|
|
0.6
|
|
|
|
(18.6
|
)
|
|
|
|
|
Payments on capital lease obligations
|
|
|
(2.6
|
)
|
|
|
(2.1
|
)
|
|
|
|
|
Payments of debt issuance costs
|
|
|
(8.7
|
)
|
|
|
—
|
|
|
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
0.4
|
|
|
|
0.7
|
|
|
|
|
|
Proceeds from employee stock purchases and
exercises of stock options
|
|
|
1.0
|
|
|
|
1.5
|
|
|
|
|
|
Distributions to noncontrolling interests
|
|
|
(15.5
|
)
|
|
|
(15.6
|
)
|
|
|
|
|
Contributions and advances from noncontrolling
interests
|
|
|
0.5
|
|
|
|
3.2
|
|
|
|
|
|
Repurchases of common stock
|
|
|
(40.0
|
)
|
|
|
(136.7
|
)
|
|
|
|
|
|
|
|
|
Net cash from financing activities
|
|
|
900.5
|
|
|
|
(177.2
|
)
|
|
Net change in cash and cash equivalents
|
|
|
873.5
|
|
|
|
(86.2
|
)
|
|
Cash and cash equivalents at beginning of
period
|
|
|
436.0
|
|
|
|
573.8
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
1,309.5
|
|
|
$
|
487.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
$
|
7.3
|
|
|
$
|
4.1
|
|
|
|
|
|
Taxes paid
|
|
$
|
8.8
|
|
|
$
|
57.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental schedule of non-cash investing and
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Equipment acquired with capital lease obligations
and equipment note obligations
|
|
$
|
3.9
|
|
|
$
|
2.4
|
|
|
|
|
|
Dividends declared but not paid
|
|
$
|
15.2
|
|
|
$
|
—
|
|
(1) We have corrected the previously reported presentation of net income
including noncontrolling interests, and accounts payable, accrued
salaries and employee benefits, and other current liabilities discussed
on page 11 of this press release.
URS CORPORATION AND SUBSIDIARIES
RECONCILIATION SCHEDULE
OF GAAP TO NON-GAAP MEASURES
Net income and diluted EPS, excluding the impact of acquisition-related
expenses in the table below is not computed in accordance with generally
accepted accounting principles (“GAAP”). We present these amounts to
demonstrate their impact. These non-GAAP measures are useful to us, and
may be useful to investors, because they permit a comparison of the
actual or expected performance of our ongoing business with the actual
performance of our business in prior periods. Net income and diluted EPS
excluding the impact of acquisition-related expenses should not be used
as a substitute for net income and diluted EPS prepared in conformity
with GAAP, or as a GAAP measure of profitability or cash flows.
Below is the reconciliation of net income and diluted EPS, before the
impact of acquisition-related expenses, to GAAP net income and diluted
EPS for the three months ended March 30, 2012.
|
|
|
|
|
|
Three Months Ended March 30, 2012
|
|
|
(In millions, except per share data)
|
|
Net Income
|
|
Diluted EPS
|
|
|
Before the impact of acquisition-related expenses
|
|
$
|
83.1
|
|
|
$
|
1.12
|
|
|
|
Acquisition-related expenses, net of tax
|
|
|
(3.4
|
)
|
|
|
(.05
|
)
|
|
|
|
|
Net income and diluted EPS
|
|
$
|
79.7
|
|
|
$
|
1.07
|
|
URS CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
REGARDING REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Revision of Previously Issued Financial Statements
During fiscal year 2011, we identified an error and revised our
calculation and presentation of income tax expense related to
noncontrolling interests in consolidated joint ventures that pass
taxable income through to their partners. This revision did not cause a
change in either our net income or EPS. We revised the amounts for the
three months ended April 1, 2011.
The effects of these revisions on our condensed consolidated statement
of operations and condensed consolidated statement of cash flows for the
three months ended April 1, 2011 are as follows:
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
April 1, 2011
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of
Operations Data:
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$
|
126.9
|
|
|
$
|
—
|
|
|
$
|
126.9
|
|
|
Income tax expense
|
|
|
(44.0
|
)
|
|
|
5.0
|
|
|
|
(39.0
|
)
|
|
|
|
|
|
Net income including noncontrolling
interests
|
|
|
82.9
|
|
|
|
5.0
|
|
|
|
87.9
|
|
|
Noncontrolling interests in income of
consolidated subsidiaries
|
|
|
(20.8
|
)
|
|
|
(5.0
|
)
|
|
|
(25.8
|
)
|
|
|
|
|
|
|
|
Net income attributable to URS
|
|
$
|
62.1
|
|
|
$
|
—
|
|
|
$
|
62.1
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
April 1, 2011
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of
Cash Flows Data:
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling
interests
|
|
$
|
82.9
|
|
|
$
|
5.0
|
|
|
$
|
87.9
|
|
|
|
Accounts payable, accrued salaries and
employee benefits, and other current
liabilities
|
|
$
|
1.2
|
|
|
$
|
(4.5
|
)
|
|
$
|
(3.3
|
)
|
|
|
Other long-term liabilities
|
|
$
|
(11.8
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(12.3
|
)
|
|
URS CORPORATION AND SUBSIDIARIES
BOOK OF BUSINESS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infrastructure
|
|
|
|
|
Energy
|
|
|
|
|
|
|
|
|
&
|
|
Federal
|
|
&
|
|
|
|
|
(In millions)
|
|
Environment
|
|
Services
|
|
Construction
|
|
Total
|
|
As of March 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog
|
|
$
|
3,189.1
|
|
$
|
3,814.6
|
|
$
|
7,126.6
|
|
$
|
14,130.3
|
|
Option years
|
|
|
298.8
|
|
|
2,248.9
|
|
|
2,042.5
|
|
|
4,590.2
|
|
Indefinite delivery contracts
|
|
|
3,156.9
|
|
|
3,164.3
|
|
|
1,968.0
|
|
|
8,289.2
|
|
|
|
Total book of business
|
|
$
|
6,644.8
|
|
$
|
9,227.8
|
|
$
|
11,137.1
|
|
$
|
27,009.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog
|
|
$
|
2,993.1
|
|
$
|
4,141.8
|
|
$
|
7,124.7
|
|
$
|
14,259.6
|
|
Option years
|
|
|
316.6
|
|
|
2,370.1
|
|
|
2,026.2
|
|
|
4,712.9
|
|
Indefinite delivery contracts
|
|
|
2,806.5
|
|
|
3,304.0
|
|
|
1,948.0
|
|
|
8,058.5
|
|
|
|
Total book of business
|
|
$
|
6,116.2
|
|
$
|
9,815.9
|
|
$
|
11,098.9
|
|
$
|
27,031.0
|
|
|
|
|
|
|
|
|
|
|
|
March 30,
|
|
December 30,
|
|
|
(In millions)
|
|
2012
|
|
2011
|
|
|
Backlog by market sector:
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
7,896.0
|
|
$
|
8,542.4
|
|
|
|
|
Infrastructure
|
|
|
3,169.8
|
|
|
3,011.0
|
|
|
|
|
Oil & Gas (1)
|
|
|
452.0
|
|
|
383.4
|
|
|
|
|
Power
|
|
|
1,622.3
|
|
|
1,623.8
|
|
|
|
|
Industrial (1)
|
|
|
990.2
|
|
|
699.0
|
|
|
|
|
|
|
Total backlog
|
|
$
|
14,130.3
|
|
$
|
14,259.6
|
(1) Effective at the beginning of our 2012 fiscal year, we revised our
presentation to show our revenues from the oil & gas market sector
separately. In addition, we have changed the name of our “industrial and
commercial” market sector to “industrial” market sector. This new
presentation has been implemented in anticipation of the inclusion of a
new business from the pending Flint acquisition, which we expect to
close in the second quarter of 2012, assuming receipt of final
regulatory approvals and satisfaction or waiver of all conditions to
closing. For comparative purposes, we reclassified the prior period’s
data to conform them to the current period’s presentation.
|
URS CORPORATION AND SUBSIDIARIES
REVENUES AND OPERATING INCOME BY DIVISION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
(In millions)
|
|
March 30,
|
|
April 1,
|
|
|
2012
|
|
|
2011
|
|
|
Revenues
|
|
|
|
|
|
|
|
Infrastructure & Environment
|
|
$
|
964.2
|
|
|
$
|
909.9
|
|
|
Federal Services (1)
|
|
|
717.1
|
|
|
|
581.1
|
|
|
Energy & Construction
|
|
|
725.7
|
|
|
|
866.4
|
|
|
Inter-segment eliminations
|
|
|
(45.5
|
)
|
|
|
(37.6
|
)
|
|
|
|
Total revenues
|
|
$
|
2,361.5
|
|
|
$
|
2,319.8
|
|
|
Operating income
|
|
|
|
|
|
|
|
Infrastructure & Environment
|
|
$
|
45.9
|
|
|
$
|
55.7
|
|
|
Federal Services (1)
|
|
|
93.0
|
|
|
|
35.8
|
|
|
Energy & Construction
|
|
|
48.1
|
|
|
|
63.0
|
|
|
Corporate
|
|
|
(23.1
|
)
|
|
|
(22.4
|
)
|
|
|
|
Total operating income
|
|
$
|
163.9
|
|
|
$
|
132.1
|
|
(1) The operating results of Apptis were included in the three months
ended March 30, 2012, but not in the corresponding period ended April 1,
2011, as we completed the acquisition in June 2011.
|
URS CORPORATION AND SUBSIDIARIES
REVENUE BREAKDOWN BY DIVISION AND MARKET SECTOR
|
|
Amounts shown in the table below are net of eliminations.
|
|
|
|
(In millions)
|
|
Federal
|
|
Infrastructure
|
|
Oil and Gas (1)
|
|
Power
|
|
Industrial (1)
|
|
Total
|
|
Three months ended March 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infrastructure & Environment
|
|
$
|
179.3
|
|
$
|
384.3
|
|
$
|
124.7
|
|
$
|
55.4
|
|
$
|
183.5
|
|
$
|
927.2
|
|
|
Federal Services
|
|
|
717.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
717.0
|
|
|
Energy & Construction
|
|
|
277.0
|
|
|
53.7
|
|
|
38.5
|
|
|
236.6
|
|
|
111.5
|
|
|
717.3
|
|
|
|
Total
|
|
$
|
1,173.3
|
|
$
|
438.0
|
|
$
|
163.2
|
|
$
|
292.0
|
|
$
|
295.0
|
|
$
|
2,361.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended April 1, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infrastructure & Environment
|
|
$
|
160.1
|
|
$
|
394.1
|
|
$
|
102.4
|
|
$
|
52.8
|
|
$
|
188.2
|
|
$
|
897.6
|
|
|
Federal Services
|
|
|
580.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
580.9
|
|
|
Energy & Construction
|
|
|
323.5
|
|
|
106.0
|
|
|
61.1
|
|
|
247.5
|
|
|
103.2
|
|
|
841.3
|
|
|
|
Total
|
|
$
|
1,064.5
|
|
$
|
500.1
|
|
$
|
163.5
|
|
$
|
300.3
|
|
$
|
291.4
|
|
$
|
2,319.8
|
(1) Historically, we have included revenues from the oil & gas market
sector as part of our presentation of revenues from the industrial &
commercial market sector. Effective at the beginning of our 2012 fiscal
year, we revised our presentation to show our revenues from the oil &
gas market sector separately. In addition, we have changed the name of
our “industrial and commercial” market sector to “industrial” market
sector. For comparative purposes, we reclassified the prior period’s
data to conform them to the current period’s presentation.
Source: URS Corporation
URS Corporation
Sam Ramraj
Vice President,
Investor
Relations
415-774-2700
or
Sard Verbinnen & Co
Hugh
Burns/Jamie Tully/Briana Kelly
212-687-8080
Click Here for Webcast 
